In this paper, the Kyle model of insider trading is extended by characterizing the trading volume with long memory and allowing the noise trading volatility to follow a general stochastic process. Under this newly revised model, the equilibrium conditions are determined, with which the optimal insider trading strategy, price impact and price volatility are obtained explicitly. The volatility of the price volatility appears excessive, which is a result of the fact that a more aggressive trading strategy is chosen by the insider when uninformed volume is higher. The optimal trading strategy turns out to possess the property of long memory, and the price impact is also affected by the fractional noise.

在本文中，通过描述具有长记忆的交易量并允许噪声交易波动遵循一般的随机过程，扩展了内幕交易的Kyle模型。在这个新修订的模型下，确定了平衡条件，从而明确地获得了最佳的内幕交易策略，价格影响和价格波动性。价格波动率的波动性似乎过大，这是由于以下事实的结果：当不知情的交易量较高时，内部人员选择了更为激进的交易策略。最优的交易策略被证明具有长时间记忆的特性，并且价格影响也受到部分噪声的影响。